Polkadot (DOT) Facing A Difficult Week

The current week for Polkadot (DOT) has been nothing short of a bloodbath, with the altcoin giving up the gains made last week in just three days. DOT had rebounded impressively since dipping to a low of $3.98 on September 18. Towards the end of the previous week, it reached a high of $4.96 before settling at $4.89, as buyers looked to push it past $5. However, $5 proved a bridge too far for DOT, and it could not go above this level. Instead, sellers assumed control over the weekend, and DOT fell by 2.04% on Saturday and 0.42% on Sunday to end the weekend on a bearish note at $4.77.

Source: TradingView

Selling pressure intensified on Monday as DOT crashed by almost 7%, slipping below a critical support level ($4.50) and the 20-day SMA to settle at $4.44. Buyers attempted a recovery on Tuesday, as DOT pushed back above $4.50, reaching a day high of $4.57. However, this was before geopolitical events spooked markets. As a result, DOT turned bearish, dropping by 6.31% to $4.16 and slipping below another key support level ($4.30).